If the US government allows Fannie and Freddie to fail and international investors are not compensated adequately, the consequences will be catastrophic. If it’s not the end of the world, it is the end of the current international financial system.
—Yu Yongding, published August 30, 2008, during the closing ceremonies of the Olympics
“Men like Yu Yongding don’t just get up one morning and say this sort of thing. US Treasury Secretary Paulson was put on notice.”
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